about 10 colleagues was told the were let off, severance is 2 weeks for each year of service
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Last week I was recognized as one of the top performer, this week I was told I am no longer needed! The manager could not see me directly in my eyes and instead let a cold blooded HR rep to read from a script. I could never forget how eerie the HR person was, such a scary image of a human being. This process was so ruthless it left me with permanent scar and I will never reapply or recommend anyone to this terrible company
It happened to me.. it happened to us. We can’t change it now. I pray for everyone to find better jobs at better companies so that we will never have to go through something like this again.
I personally know my assistant manager and Chris decided because my colleague was told about it and safe guarded her job. When this happened she couldn’t face us any longer she hid her self in the bathroom for hours..
We were chased from there like we were some beggars.. so I didn’t have time to ask her how unfair that was.. I’m ashamed to be called a former employee of Flagstar bank and I will never re apply. These people are sick in the head!
To the manager who said you were not forewarned and blindsided, how can you sleep at night lying through your teeth like that?!?! Managers received the memo 3 weeks ago together with the request to provide the list of names to be let go. A meeting with area leadership were set just last week where all managers are required to attend.
As a manager who lost three great employees you are WRONG!!! We had no input or forewarning and were deeply saddened ! I saw no list ahead so don’t speak for all of us
Managers were asked to give the list of names. There were no question about performance, skillsets or anything else, just the list of names and how many. Some people leak the interim list to their close friends despite signing an NDA. Some names were replaced last minute and then a final list went to HR for processing. That is how this layoff was handled! A complete disaster and extremely unfair!
The Executive bios and headshots on their corporate website is all telling about this company and the quality of it. One executive had a selfie in her house looking down at a camera?!!! Some pics look like they’re from the 90s and it’s clear they have too many chiefs and not enough Indians.
They’re going need one he-l of a PR firm to get them out of the way they handled this layoff. They’re the PDiddys of the banking industry right now
For all those who asked, YES! the Managers and Chris Timari had personal meetings about who they want to retain and lay off! In some cases where branch managers weren’t in office (like if they were on medical/ sick leave) the assistant managers took the decision.
All I’m wondering is did branch managers know about this and did they have say in who was let go?
Almost all capable people from L-Signature, and L-NYCB IT team was laid off including key positions that have specialized knowledge about how to operate and secure the systems. Feel like they are trying to destroy this bank by getting rid of key employees and expose the bank to massive IT risk!
At the branch I worked at, only the bad people remains, morale is super low, how can they chose only the good people to lay off, who made such decisions? An investigation should be done or a class action should be taken against this terrible layoff
Congrats Flagstar
Just when I thought you couldn’t get any lower, you went and outdid yourselves!!!
To the acting branch leader who decided upon the layoffs with Chris timari! You made an unfair decision by treating the other more favorably! I saw this for a long time.. you have a daughter who is at my age.. how could you have done this? Karma will get her just the way you did to me. My tears and Pain of being mistreated.. I wish this happens to your daughter.. suffer!
The bank laid off a pregnant woman?? Curse those decision makers.. how could you!!! I feel terrible for her!
I walked into the bank yesterday and heard 2-3 people had lost their job! The Branch is at west Brighton and the assistant manager is Jennifer Hicks. I wanted to say how nasty she is to people. Who would approve a banker calling their customer a mother f* and show attitude everytime? we go up to this certain lady at the teller line. I over heard how bad she talks about the white people and black community in which she is so concerned about how blacks should be privileged! And all about Harris.. it’s always about being a black woman! They even try to raise their fist at you… Why does the management allow such mishandling? I couldn’t find a number to call customer service but only this because I was so shocked to see how they have remained in their job and the other really nice employees laid off!
You have no idea what they plan behind doors! There is something weird about this branch! I am leaving with a balance of almost $400k! - 1214 Castleton avenue
Very disappointed in their customer service!
Projects get approved and if you have extra money (over estimated) you can fund contractors that work on other tasks. These are capital projects and amortized. Not legal.
I am one of the managers who have to endure the difficult task of sitting in the layoff meeting with a HR person, 3 minutes for each impacted employee. Honestly, I feel sorry and lost of word to say on those who were impacted. You are not cut because of your bad performance, sometime you are the most capable employee but just have some bad luck. This bank does not deserve good people, I feel ashamed to have it in my resume now.
I was one of the people who were laid off in yesterdays massacre. My surviving co-worker told me that in the town halls Reggie was saying that more layoffs and branch closings are a possibility and could be happening soon. There’s a rumor (I don’t know if it is true) that a second round of layoffs could be imminent. My heart goes out to all my fellow NYCB and FLAGSTAR family that got laid off.
It seems the Flagstar mob has cleaned up the best NYCB and Signature employees. The merger is a value destroyer and should not be approved in the first place. People from other banks know about the layoff even before the employees, Flagstar is being laughed at in the market as if the JUNK status is not enough!
I’m 6 months pregnant and I was laid off over a four minute teams meeting. “Eliminating position”. Cold and heartless, all this time leaders in the back office said we would be going to other departments and doing different jobs, seems like they knew we were going to be let go this whole time. You do not need to lie to your workforce. Losing my insurance and job before the holidays and before giving birth, couldn’t be worse timing after working for NYCB for years.
Word about how Flagstar handled this is already in the marketplace. As if they didn’t have enough issues with their reputation, this is ruthless
The best comment I got from employees at another bank was, “ Flagstar has earned their JUNK bond status in more ways than one”
Damn, no truer words have ever been spoke
JUNK
man this sh-t got me sad for real, for everyone that got laid off keep your heads up better things are in store for you. banks will be banks unfortunately. KEEP YOUR HEAD UP everything happens for a reason
I am a long-time employee of NYCB and have been through many mergers and acquisitions. Prior to January, I was a dedicated employee proud of my longevity. I will admit that the NYCB executives made a lot of mistakes and by no means managed the bank properly however at least they were human and not all but many seemed to care about the employees. Working for Flagstar has been a horrible experience and so much worse than NYCB or any of their predecessors. Although we were told that NYCB was taking over Flagstar, it was obvious from the beginning who the last standing entity would be. I can go on and on with what they have personally taken from me and my family and with all the lies I have been told over the past 10 months, but I would be writing for days. Flagstar is ruthless. The lies flowed from the original CEO & executives of Flagstar and continue to spurt out of the executives today. Yesterday was a horrible day, I lost half of my staff. Good people who had faith in Flagstar and faith in me. It seems names were placed in a hat as no one who actually knew these employees had any say as to who should be laid off. Branches are left to function covering 6 days with 4 employees while maintaining customer service, policy and procedure, and don't forget to make those sales and reach our goals! Plain and simple, it's insanity as we will be lucky to get our doors open each day. I feel horrible for those who lost their jobs yesterday, but I believe they may have been the lucky ones they no longer have to work for a horrible organization who obviously cares about nothing and no one other than their own pockets. I wish only the best for everyone who was affected over the last couple of days, and I pray for those of us who are left as I definitely do not believe this is over.
I was hired onlh a few months ago and they called and tell me on my sick leave day that my position is no longer needed! Excuse me! Why are you not telling me that when interviewing me just a few months ago?! Worst thing is I have not completed 6 months to receive any severance! I quit a good job coming here and now they sc--wed me and my family just before the holidays!
I was one of the employee who was let go. It was a cold blood call, and after talking to someone I realized that the process was super unfair. The list was determined many weeks ago, managers must sign NDA but some people knew and called higher up and was removed from the list. Good people were let go while well connected grapevine people who are incompetent got saved last minute by making a few phone calls. No executives were impacted. I smell something fishy and a potential class action here.
Company wants to cut expenses so let’s fire the little people who get paid pennies to be the face of your company. Why not lessen the salary of the execs. Total massacre, calling people on their day off to say hey you’re terminated! That’s not how you handle a layoff. Managers signing NDAs and not speaking with their team on how to go forward but they are talking to outsiders and revealing everything they agreed not to share. Disgrace of a company. NYCB purchased Flagstar but they’re firing NYCB employees. Hope they’re prepared to pay up with the lawsuits same as 2011. And good luck when customers start to pull their money. Cuz guess what no one willl discourage them now.
What happened these last 2 days makes me absolutely sick. Overall employee morale has already been at an all time low since the mergers, and how they handled this really took the cake. I'm still currently employed by Flagstar but really debating on just quitting at this point. This place su-ks and I can no longer justify working for a company that has so little regard or respect for people that have dedicated years of their lives to this place, through all the BS they've put them through. What they did and how it was handled was absolutely horrible and I am so so sorry for everyone who was affected, traumatized, and blindsided like this. Nobody deserves that. And right before the holidays? That makes it that much worse. Absolutely horrible and shameful! They kept saying it was to "increase profitability", yet none of the high paying execs were affected.
Today’s layoffs were horrible, so cold. We were told all open positions would be on hold I thought they were going to fill those positions rather than laying employees off, I was completely way off because we were told positions are now be posted and new additions to the float pool had been made! I do not understand why you would layoff some fairly new employees only to hire new ones.
My feelings are, and have been that this bank is all about the money, we have lost the family friendly appeal that our customers love. Employees are only valued by their sales. It is sales force obsessed i have heen told Flagstar wants to be only digital by 2025 so none of us will have a job anyway if that happens. We all know what we have to do.
THIS IS SO FU---D UP. YOU LOST A LOT OF GOOD FU--ING PEOPLE. FU-K YOU FLAGSTAR FOR TAKING THE GOOD. HOW DID YOU PICK AND CHOOSE THESE PEOPLE? BY HAVING THE REGIONAL DO 1 ON 1 INTERVIEWS? COME ON NOW. THIS WAS PLANNED WEEKS IN ADVANCE, MANAGERS HAD TO SIGN A NDA. SUPPOSEDLY THERE WILL BE ANOTHER LAY OFF IN DECEMBER.... WHAT THE ACTUAL FU-K MAN.
THIS IS SO NOT RIGHT. SOMEWHERE SOMEONE FU---D UP AND THESE INNOCENT PEOPLE HAD TO PAY FOR IT. AND FUNNY THING IS THAT REGIONALS AND BRANCH MANAGERS ASSURED EVERYONE THAT THERE ARE NO LAY OFFS.... ONLY TRANSFERS..... FU-K YOU ALL.....
The former NYCB CEO and Board failed to see, recognize or simply understand that certain loans were going south and once the bank breached $100 Billion due to the mergers they had to abide by new regulations; this squeezed earnings along with the high interest rate environment and rent control laws in NYC pressuring borrowers and thereby creating defaults (this is public knowledge). Not sure if layoffs are the answer to every problem though. Eventually the chickens come home to roost.
There's little doubt in my mind that most of the 700 employees laid off were L-NYCB people. It's obvious that L-Flagstar executives' plan from Day One was to purge all of the most dedicated and experienced employees, while leaving the least-valuable and poorly-trained ones who won't push back against upper management's incompetence and take less pay.
This is not the end. More layoffs to come before Christmas get out while you can. Work on that resume get your affairs in order. Executives sent out a memo to all heads to get a list of who should stay and who should go. Each section looking at a 20% slash.
I think the moral of this story is that each bank had wonderful people and some executives that grossly mismanaged funds and made poor decisions. I’ve met people from each bank, Flagstar Mortgage, NYCB, Signature and they were all wonderful. Unfortunately, it’s usually the employees that suffer the consequences, and not many executives do. The way they went about this was awful and callous. I feel for all involved and wish everyone the best. I’m not sure this bank will ever be fixed and we may be happy we got out sooner rather than later
All of you complaining about it being legacy Flagstar or the Troy office you all need to do your research and listen to what happened to the earnings call from Jan 2024. The issue was NYCB. All the profitable parts of Flagstar have been sold off to keep the bank afloat to date.
It’s not Flagstar, it’s NYCB. The company was great to work for until the merge. It has now went to he-l. They are saying it’s for the good of the company and for projections for 2026 but they chose at random the lay offs. A lot of people that did nothing wrong, got let go and a lot of people that should have been let go, didn’t. Awful just awful
FSB was fine until the shi—- merger with NYCB.
Used to love being a part of Flagstar family and the merger took away all that was good. It’s all about the big bucks now the big fish. No more personalized service, no more old time spirit it’s just about the numbers. Just like these poor dedicated employees who were let go. Just a number it is so beyond sad…
Multiple employees were fired, often with less than 10 minutes notice over the course of 2 days.
Total was around 700 employees through all sections, including members of the financial side and IT side of the business. Nobody within the executive side was affected.
The cited concern was profitability.
My overall impression is that instead of making processes more efficient and removing processes that cost money that can be done internally, it was easier to fire a bunch of people.
Higher ups were very evasive on answering any questions or giving direct answers.
Former CEO made a bad decision acquiring mortgages from Richmond County Savings. NYCB became bankrupt and somehow persuaded Investors by strict regulations to appear more responsible.
The managers and higher ups knew this was coming months and months ago. I know a person, she knew about it as the assistant manager had told her and somehow spoke to the area manager Chris Tamari and safe guarded her job. This is unfair to everyone else who got laid off today! This branch I don’t go into is the West Brighton branch at 1214 Castleton Ave. They are so nasty to the customers and always disrespectful. They managed to stay and the good ones were laid off as I heard!
I was one of the employees let go. This bank is horrible to do this to dedicated employees
Flagstar ruined NYCB. We were good before deciding to buy that sh---y bank, now they wanna take over the board & create all this chaos. Unbelievable, I miss my good, old NYCB.
I am also 1 of the Employees who was Laid Off This Morning. The Branch I worked in lost 2 LONG TIME EMPLOYEES TODAY! The Other Branch That IS LOCAL LOST 3 EMPLOYEES, I WONDER WHO DECIDED WHO WAS BEING LAID OFF?? THIS DID NOT JUST HAPPEN OVER NIGHT, THIS WAS PLANNED I BELIEVE FOR SEVERAL WEEKS. A LOT OF GOOD PEOPLE LOST THEIR JOBS TODAY FROM WEST COAST TO THE EAST COAST!